US Crude Oil Production Down in April

US Crude Oil production has remained resilient in the face of falling prices, but data from the EIA Thursday showed that production is beginning to come off at a fast pace.

Total US Crude production averaged 8.933-M BPD in April, down 220-K BPD from 9.15-M BPD in March,according to the EIA. The decrease is the largest decline in monthly production since the start of the downturn.

The decrease in US production came primarily from onshore production in the Lower 48, which reported a decline of 142-K BPD, or 2.4%, M-M.

Major producers like Alaska, North Dakota, Texas and the Federal Offshore all showed significant declines of 4.3%, 6.0%, 1.4% and 3.0%, respectively.

Total US production is down 7.9% from April of Y 2015.

Louisiana, Mississippi, Nevada, New Mexico, Pennsylvania and Utah all reported increased levels of production despite the lower total production in the country in April. Pennsylvania saw the largest uptick, producing 7.8% more M-M.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.